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PA prelicense
PA prelicense
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Questions
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Answers
1
When must a broker provide a buyer an estimate of closing costs
At first substantive contact
Prior to buyer signing purchase agreement
Prior to loan application
Prior to closing
2
Every real estate office - main and branch, must be under the supervision of
Administrative assistant
Broker or associate broker
Anyone broker chooses
Salesperson
3
A zoning classification is required in purchase contracts for
Squatters
Commercial
Condominium
Single-family home
4
In all advertising, the Broker name relative to salesperson name
Equal size
Equal or greater size
Greater size
Does not have to be included
5
Estimate of the most probable price of property on date of appraisal
Market value
Sales price
Market price
Highest and best use
6
Which of these is most likely to be considered a fixture
Washing machine
Draperies
Chandelier in dining room
Lamp
7
An unmarried couple buy a home and give no instructions how they take title. They will be
Tenants in common
Owners in severalty
Tenants by the entireties
Joint tenants
8
Which of these is a government restriction on use of real estate
Leasehold
Deed restriction
Encroachment
Zoning
9
A license that is not renewed on time is considered
Inactive
On deposit
Suspended
Revoked
10
An exposed crack in a basement wall
Part of ventilation
Latent defect
Caveat emptor defect
Patent defect
11
Consumer Notice must be retained for 3 years from end of transaction.
True
False
12
PA home inspectors
Must be a member of a national organization and insured
Must have minimum 25 years experience
Must test every electric switch and outlet in the home
Must pass a state exam
13
A broker deposits earnest money into his general funds account
Legal
OK if buyer agrees
Conversion
Commingling
14
Which of these is an exemption under PA fair housing
Tenant turned away because of race
Apartment complex refuses families with children
Landlord refuses to rent retail space to a woman
Religious group gives preference to members
15
PA Real Estate Commission members serve 5-year terms
True
False
16
White powdery deposit on walls/slabs created when water penetrates, combines with salts and brings salts to surface
Efflorescence
Creosote
Mold
Radon gas
17
Broker is required to prominently display
Both broker and salepersons' license
Not required but license must be available to view
Salesperson license
Broker license
18
PA Real Estate Commission
5 non-licensees
11 members
11 brokers
11 elected politicians
19
The vendee under a land contract that has not been fully performed has what?
Right to foreclose
A lien
Legal title
Equitable title
20
Retired couple want to supplement income. lender says he will send monthly check in exchange for lien on RE. This is
Shared appreciation mortgage
Deed in lieu
Violation of Reg Z
Reverse mortgage
21
Buyer is applying for mortgage thru lender. Reg Z of TILA requires lender to give buyer
Loan commitment
Disclosure of APR
Closing statement
Copy of appraisal
22
Under Megan's Law, licensees are required to disclose sex offenders to buyers/tenants
True
False
23
Which license applicant is required to take and pass a state exam
Campground membership salesperson
Cemetery salesperson
Builder-owner salesperson
Timeshare salesperson
24
Death in a home MUST be disclosed to Buyer
True
False
25
When Seller signs Exclusive Right to Sell listing, the broker is guaranteed compensation when the property sells.
True
False
26
Investor trying to determine what price to offer for office building based on income uses what approach
Comparative market analysis
Capitalization rate
Cost basis
Gross rent multiplier
27
Which of these would be an encumbrance against property
Encroachment
Property taxes
A license
Mineral rights
28
City is widening road. The taking of the land by city with just compensation is called:
Public sale
Foreclosure
Eminent domain
Condemnation
29
Which household hazard is regulated by HUD
Asbestos
Lead-based paint
Radon
Mold
30
A cemetery salesperson must
Complete 30 hours of prelicense education
Have 90 days on-site training
Submit an application signed by employing broker
Pass a state exam
31
Who does a Transaction Coordinator represent?
No one
Both buyer and seller
Seller
Buyer
32
How many hours of continuing education are required for licensees?
14 hours per year
30 hours every 3 years
14 hours every 2 years
20 hours every 2 years
33
Which agency issues licenses?
Governor office
Department of State
Real Estate Commission
ARELLO
34
Who administers the Real Estate Recovery Fund?
A licensed real estate school
3rd party testing company
Department of State
State Real Estate Commission
35
A Consumer Notice must be provided to a Buyer
When the Seller accepts the Buyer's offer
After Buyer has toured several homes with Agent
When the Buyer signs a Buyer Agency Agreement
At the first substantive contact
36
Which of these would not require a PA real estate license
Property manager
A person selling apartment lists
An attorney-in-fact
Someone providing a CMA
37
A salesperson may affiliate with more than one broker at a time
False
True
38
A property manager in PA must have a broker license
True
False
39
Dual agents can negotiate for both the buyer and seller
False
True
40
A salesperson may hire additional licensees to work with him
True
False
41
Which of these would not be considered a definite place of business for a broker
Home office
PO Box
Office in multi-unit building
Freestanding building
42
Earnest money
Must be at least $2,000
Is considered a liquidated damage
Is required under PA law
Must be held by the salesperson until closing
43
If the broker is a non-living entity a broker of record must be associated
True
False
44
Which of these is not protected under PA fair housing
Family with children
50 year old
Race
18 year old
45
Which of these are a characteristic of value?
Improvement
Appraisal
Depreciation
Utility
46
When a broker of record dies, the Commission must be notified of a replacement
No notice required
Within 30 days
Within 10 days
Within 15 days
47
Fair housing complaint in PA must be filed within
180 days
90 days
One year
Two years
48
Licensees must renew their license
Every 3 years on or before their birthdate
Every 3 years by May 31
Every 2 years by December 31 in odd number years
Every 2 years by May 31 in even number years
49
Maximum payout per claim from Real Estate Recovery Fund
$40,000 per licensee
$20,000 per licensee
Licensee is out of luck
$100,000 per licensee
50
To become a PA broker, applicant must be at least 18 years of age
True
False
